Filecoin’s recent price surge has drawn considerable market attention. The crypto has quickly become one of the leading tokens to interact with, surging as high as 16% in the last 24 hours.
Filecoin’s remarkable price ascent has largely been fueled by its recent partnership with blockchain giant Solana. As reported earlier, Solana will be using Filecoin’s robust storage services to archive its blockchain history.
Also Read: Circle To End USDC Stablecoin Support on TRON
Solana Triggers Filecoin Price Rally
FIL’s recent price surge has become a noteworthy development for crypto enthusiasts. Per the data from CoinMarketCap, Filecoin spiked as high as 217% in daily transactions, signaling increased user interest. Additionally, the coin has also positioned itself as the 12th leading crypto by market capitalization.
Filecoin’s exceptional price ascent has primarily been triggered by its recent collaboration with Solana.
Per the official report, Solana will be onboarding and making use of Filecoin’s stellar storage services to archive its blockchain history and data.
“Solana is utilizing Filecoin to make its block history more accessible and usable for infrastructure providers, explorers, indexers, and anyone needing historical access. By leveraging Filecoin’s decentralized storage capabilities, Solana can achieve data redundancy, scalability, and enhanced security while staying true to its decentralized ethos.“ The report later shared.
Also Read: Cryptocurrency: Top 5 AI Coins That Could Rally in 2024
Filecoin Poised for a Successful Price Recovery
Filecoin’s recent price rally has compelled crypto analysts to issue positive price predictions.
Ali Martinez, a leading crypto analyst, took to Twitter to share how FIL is poised to gain further market momentum.
Given the current FIL price trajectory, Martinez was quick to predict the crypto’s next price target.
“A successful breakthrough in this barrier could significantly bolster $FIL’s price, potentially tripling its value to reach $25.5!”
FIL’s recent price surge has also grabbed the attention of derivatives traders. The latest Coinglass data suggests that the open interest in FIL futures has also spiked to a 26-week high.
At press time, FIL is up 0.97%, trading at $7.40.